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Jan. 1		Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,140 and had a useful life of 10 years with no salvage value.
June 30		Sold a computer that was purchased on January 1, 2012. The computer cost $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $5,610 cash.
Dec. 31		Sold a delivery truck for $9,050 cash. The truck cost $24,990 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,870 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31Jan. 1June 30

June 30Dec. 31Jan. 1

	(To record depreciation expense for the first 6 months of 2014)




Dec. 31Jan. 1June 30

	(To record depreciation expense for the year 2014)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91881571

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